In 2006, Elon Musk released The Tesla Motors Master Plan. The first plan outlined how Tesla would build an expensive electric sports car, use that money to build a more affordable car, then use that money to build an even more affordable car. All while providing zero-emission electric power generation options. Tesla has since accomplished all of the above, producing millions of electric cars while rapidly bringing down production costs.
A decade later, in 2016, while the first plan was coming to fruition, Tesla released the Tesla Master Plan, Part Deux. In short, the plan would be to "Create stunning solar roofs with seamlessly integrated battery storage. Expand the electric vehicle product line to address all major segments. Develop a self-driving capability that is 10X safer than manual via massive fleet learning and enable your car to make money for you when you aren't using it."
While this plan has yet to be fully realized, a third plan may indicate that the second plan is within reach. Tesla has made huge progress with its FSD beta program and Elon Musk recently doubled down that Tesla will release FSD later this year. The production of the CyberTruck and Semi is set to begin next year. As the second plan is coming together, Elon Musk tweeted that he’s working on Tesla's “Master Plan Part 3”
This tweet gives us a lot more insight into what Tesla is planning. It is now clear that a key part of the plan will be to “scale to extreme size to shift humanity away from fossil fuels.”
Tesla has put out a 20 million vehicle target by 2030. It sounds like a third plan will address how to achieve or even exceed this target. Despite Tesla's massive growth, the automaker currently accounts for just roughly 1% of the total vehicle market share. Scaling to “extreme size” is necessary to make a significant shift away from fossil fuels. The limiting factor to further scaling is the manufacturing of batteries. In particular, the real bottleneck is the mining of rare earth minerals (copper, lithium, nickel, cobalt etc.) required for battery production.
This is why Tesla’s Master Plan, Part 3 could be centered around rare earth mineral mining. So how does the Boring Company, AI and SpaceX play into mining? One theory is that the Boring Company could create the necessary tunnels and land environment to extract raw materials. The Tesla bot could be used to safely and ethically mine raw materials. SpaceX could use starships to rapidly and cost-effectively transport raw materials across long distances. If the battery limiting factor is conquered successfully, the company could begin to think about other uses for batteries including HVAC systems, pre-built homes, and more.
It’s also possible that Tesla’s Master Plan, Part 3 will involve Tesla’s transition to an Artificial Intelligence and data company. After all, Elon has repeatedly stated that Tesla will be thought of more as an artificial intelligence company than anything else. The company has been focused on solving real-world AI and more recently we had AI day, introducing the Optimus Humanoid Robot.
In the product roadmap update on the Q4 earnings call, Elon stated that "the most important product development is the Optimus Humanoid Robot” which he thinks "has the potential to be more significant than the vehicle business over time. He explained that “labor is the foundation of the economy."
With no labor shortages, humanoid robots could revolutionize the world economy. They could also play a crucial role in scaling to extreme size and overcoming the limiting factor of battery manufacturing.
Here is a prediction of what the Master plan, Part 3 could include:
Develop the best AI training supercomputer to solve real-world problems that goes way beyond just self-driving
Remove battery manufacturing as the limiting factor to vehicle production by building millions of Tesla bots to eliminate the need for dangerous, boring, repetitive jobs (mining)
Synergize The Boring Company, Tesla and SpaceX to mine and transport raw materials on a massive scale
What do you think Tesla aims to accomplish in its third master plan? Let us know.
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Today, Tesla published its 2024 Q1 report, showing revenue of $21.3 billion, 9 percent lower than the same period last year and a total GAAP gross margin of 17.4%, down 19.1% in Q1 2023.
The company teased its upcoming Robotaxi and its next-generation platform saying its “purpose-built Robotaxi product will continue to pursue a revolutionary ‘unboxed’ manufacturing strategy”.
Tesla mentioned that it suffered “numerous challenges“ during the first quarter including the Red Sea conflict and the arson attack on its GigaFactory in Berlin and the ramp-up of the updated Model 3. Earlier today Tesla officially announced its new Model 3 Performance model.
Accelerating the Launch of its Next-Gen Model
The company said it will accelerate the launch of new models including its upcoming “$25k,” next-gen vehicle. Tesla stated:
“We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025. These new vehicles, including more affordable models, will utilize aspects of the next generation platform as well as aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle line-up.”
When it comes to layoffs, Tesla says it undertook “a cost-cutting exercise to increase operational efficiency” adding it is “focused on profitable growth” by “leveraging existing factories and production lines to introduce new and more affordable products”.
“The future is not only electric, but also autonomous. We believe scaled autonomy is only possible with data from millions of vehicles and an immense AI training cluster. We have, and continue to expand, both. To make FSD (Supervised) 5 more accessible, we reduced the price of subscription to $99/month and the purchase price to $8,000 in the US.”
Robotaxi
Tesla also revealed that its Robotaxi will now differ from its next-gen vehicle. Although Tesla will follow more traditional processes for producing its more affordable vehicle, Tesla says the Robotaxi will still follow the new, more efficient, “unboxing” manufacturing strategy. This comes just days after Musk said the Robotaxi will essentially be its next-gen model without a steering wheel.
Tesla’s quarter-end cash, cash equivalents and investments were $26.9 billion.
Earlier today, Tesla launched officially the highly expected Model 3 Performance with deliveries starting in May. The new version starts at $45,490 (after applying the $7,500 Federal EV tax credit).
In recent weeks, the company has been reducing prices in its primary markets, including China and the United States. The initiative followed the recent introduction of lower and even 0% interest financing programs in certain markets.
At the time of this writing, Tesla stock is currently trading 7 percent higher at $145 per share.
Today, a few hours before releasing their first quarter financial results, Tesla launched the highly anticipated Model 3 Performance. The new version starts at $45,490 (after applying the $7,500 Federal EV tax credit) and deliveries are scheduled to start in May.
With 510 horsepower and a top speed of 163 mph, the new Performance variant brings an improved sound system, a re-designed interior featuring more comfortable rear seats with some features coming directly from the recently revamped Model 3. Tesla also says that the new Performance model has “significantly less” road and wind noise thanks to the rear spoiler and changes to the front bumper.
“The front and rear fascias, rear diffuser and carbon fiber spoiler work together to help reduce drag and improve lift balance at high speeds”
Tesla’s most powerful Model 3 ever is now cheaper than the Model 3 Long Range after the federal tax credit. The Model 3 Performance model is the only Model 3 variant that is eligible for the government incentive.
Performance
The new Performance model comes with 20
While the new Performance model is largely based on the recently revamped Model 3, while including design changes to the front and rear diffuser, as well as the addition of a rear spoiler. In terms of performance, the model announced today offers a 22% increase in continuous power, a 32% increase in peak power, and an additional 16% of peak torque. The Performance model now has 500 hp and includes a “performance” motor that’s unique to the Performance model.
0-60 mph in 2.9 510 hp / 741 Nm 163 mph top speed — Performance-tuned chassis Same quiet & comfortable cabin plus bespoke chassis hardware for improved stiffness and higher performance baseline.
The new Model 3 Performance is capable of going 0 to 60 in 2.9 seconds, 0.2 seconds faster than the previous incarnation. It didn’t take long for Tesla’s CEO Elon Musk to comment on X stating that the Model 3 Performance is “quicker than a Porsche 911.”
Specs of the new Tesla Model 3 Performance
Track Mode V3
The new Model 3 Performance is equipped with an updated Track Mode, v3, that features an all-new calibration for the powertrain and adaptive suspension.
Tesla's Track Mode V3
Range
The Model 3 Performance has an EPA range of 296 miles (476km) on a single charge, an increase of 10 miles (16km) when compared to the previous version while being slightly lower than the Long Range variant.
Rear Display
As seen in the revamped version of the Model 3, Tesla is also bringing the rear 8” touchscreen with climate controls, Bluetooth connectivity and entertainment for the rear passengers. With Tesla update 2024.14, Tesla is improving the rear screen by adding trip information, time and temperature information to the top of the display.
Exterior view of the new Tesla Model 3 Performance
All-new Adaptive Suspension
According to Tesla, the new adaptive dampening system adjusts to driver and road input in real-time. While the new Model 3 already included suspension improvements over the previous generation, the Performance model takes it one step further.
New Seats
The new model includes the new Sport Seats that we’ve seen in spy shots before. Although the new model is officially named “Performance,” the sport seats feature the Ludicrous badge. The seats include improved side and cushion bolsters to help keep you in an ideal driving position
The new Sport seats feature the Ludicrous badge
Deliveries
The model just went up for sale a few hours ago, but orders placed minutes after the launch show an estimated delivery of May/June 2024 in the United States. In Canada, where the Model 3 Performance starts at CA $69,990, the estimated delivery is currently slated for June/July.
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